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Making an Offer on a Home? Avoid These Mistakes

Buyer Sonja Bush May 7, 2024

After much searching, you’ve finally found a home you love and you’re ready to make an offer. How you navigate the offer process will determine whether your offer is accepted and you get to move into that home you love so much, or if you lose the home altogether, which is why it’s so important to understand what not to do during the offer process.

recent article from realtor.com outlined the key mistakes you’ll want to avoid during the offer process, including:

  • Dragging your feet. If you find a home you love, it’s important to make an offer quickly. It’s a competitive market and you don’t want to lose the home by dragging your feet and waiting too long to submit your offer.
  • Using an obscure lender. When sellers and their agent review your offer, they want to know that your lender is legit. As such, you should consider using a well-known local lender or bank, instead of an obscure out-of-state lender no one’s ever heard of, which could make the agent and sellers hesitate to accept your offer.  This is especially true in Mammoth Lakes as many condo complexes make it more challenging to get a loan.  Our preferred lenders can get it done.
  • Lowballing. If you really want a home, you don’t want to lowball your offer. Not only do you risk insulting the sellers, but in today’s competitive market, chances are there’s another buyer out there willing to pay a higher price. If you want a house, go in with a strong offer from the get-go.  This is even more important in today's market as many sellers are accepting the best offering and not counter-offering back to all buyers.

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Upcoming Real Estate Forms Changes Part 2: Listing & Purchase Agreements The way real estate transaction are done in California is changing, and new mandatory forms will be introduced in the summer of 2024. This article will discuss the Residential Listing Agreement and Residential Purchase Agreement. For sellers, the Residential Listing Agreement has been completely revised. The form is a bit longer now, primarily because it is organized in a grid format. This grid lays out all the terms in detail, making it clearer. The main changes the Residential Listing Agreement are: • More detailed info on what the seller will pay and to whom. • There is now an Optional Concessions Section where sellers can confirm if they are willing to pay Optional Concessions. Optional Concessions can cover costs like escrow and title fees, lender fees, repairs, and broker compensation. • This information will be shared on the Multiple Listing Service (MLS). • Sellers need to make sure buyers and agents have a signed Buyer Representation and Broker Compensation Agreement before showing the property (refer to this article for information on these forms). • New guidelines on how to handle buyers who do not have their own agent. The Residential Purchase Agreement also has some updates for buyers, though there are not as many. The main changes are: • Homeowner insurance is now a separate item to consider. • If the property has three or more units, the seller has to give the buyer an additional document about wooden balconies and stairs. • It clarifies who will pay the brokers compensation. Remember, it is always important to understand any legal document before signing it. If you have questions, you can contact the Destination Real Estate team. Watch for information about upcoming free webinars to explain these changes in detail.

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